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Portuguese Golden Visa

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BigWorld
  1/16/2017 13:31 EST

Anyone with actual experience applying for or getting permanent residency through the Portuguese Golden Visa programme? I have heard both good and bad things about the programme. Recent changes apparently allow for purchases of certain homes for as low as €350,000. Meanwhile, other EU countries are increasing their immigrant investment thresholds to €1,000,000 or higher and require investments only in businesses that create jobs.

I wonder how long will the Portuguese programme remain in its current form?

I also have heard that these home purchase may not be good investments as the popularity of the programme has created a pricing bubble in Portugal. If you have actual experience in purchasing a house in Portugal, what do you think of the market?

Thanks in advance.

BigWorld
  1/16/2017 14:03 EST

http://theportugalnews.com/news/golden-visa-investment-inflow-jumps-875-in-2016/40762

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BigWorld
  1/16/2017 14:10 EST

https://www.ft.com/content/a8b1cf7c-8bea-11e6-8cb7-e7ada1d123b1

perhaps these articles may be of interest to some.

Picareno
  1/19/2017 08:10 EST

We - a comfortably retired American couple -- just met with an immigration attorney in Lagos. My understanding is that Portugal requires a €500.000 property investment or starting a company employing at least ten employees. A recent change allows the property investment to be broken up into multiple units -- say a €300.000 house and a smaller €200.000 property for renting out, which is a nice new option. However, while we are great fans of this site, we're taking nothing we read regarding immigration as fact just from comments here. It's just too important to get bad, but we'll-meaning information from our commenters. If you are in Lagos, you might want to visit the firm we met with. Their new name is Edge International Lawyers. They also have offices in Lisbon where most of the immigration matters end up. You can first visit their website which I believe is still under their former name, NDR. Try www.goldenvisa-portugal.com or their former name site-- www.ndr.pt. Good luck!

BigWorld
  1/19/2017 11:26 EST

Picareno,

Thanks for the contact info. Their website must be a work in progress as the links to their business lines do not work. Are golden visas a big part of their practice?

I agree with your concerns about getting information from blogs, etc. That is why I only wish to communicate with people having practical experience especially if the experience is quite recent as rules can change quickly.

Did your attorney speak about the longevity of the programme? I have heard from credible sources outside of Portugal that the EU does not like these residential purchase programs as they do not directly create jobs. So I worry that the programme could be terminated down the road while I am still in the process of my application. I also worry about the reported delays in processing applications which have left some people in Portugal unable to obtain basic things like drivers' licenses or being forced to return to their home countries when their tourist visas expire. Lastly, I am concerned about the scams in this programme as reported by Portuguese officials last year.

Any thoughts on these issues, either from you or the attorney? I assume you are living currently in Portugal. Unfortunately, I am still in the U.S. but hope to travel to both Spain and Portugal later this Spring.

Picareno
  1/19/2017 13:50 EST

BigWorld. I totally understand all of your concerns. Wish I had some useful answers about the degree of difficulty experienced by some and the difference in application from country to country and region to region. I don't alas. Maybe somebody who has already obtained their Golden Visa could reply here. And a word to replies. It's of real help to us newbies if you describe your backgrounds. Sometimes, I've noticed, folks ask a question without even identifying their nationalities. Makes it hard to help them out. I naturally lean towards a low profile online, so most of my really good communication experiences have happened using private replies. That way, nobody gets beaten up in public?? which seems to happen more and more. We're here in Lagos until January 26th. People here are so friendly, but if any English speaking expats in Lagos or lovely Luz want to get together, give us a private reply. Bye all!

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craigandmicki
  1/20/2017 05:37 EST

A couple of members have posted recently about their interest in the Golden Visa. It seems that they aren't accessing older posts that have the depth of detail they need. It remains a strong program and has been expanded in the aftermath of the scandal of 2015. However, that doesn't mean that the attorneys and firms consulting with people in the Algarve are necessarily up to the job. Not trying to give any firm more business, but the most reputable firm in the Algarve is Portugal Property (portugalproperty.com). It is essential in Portugal to work with tested, licensed, knowledgeable firms. A lot of incorrect information and untrained resources are out there--it DOES matter that you get the right answers, not just someone's guess or experience!
An update on the success of the program follows: "The inflow of funds into Portugal attracted by the country’s ‘golden visa’ fast-track residency programme for big foreign investors rose 87.5 percent last year to €874 million, according to figures released by the SEF Immigration Office.

Total investment under the Residence Authorisations for Investment activity (ARI), as the scheme is officially known, was just over 875 million euros against a figure of 466 million euros in 2015.
Overall, 1,414 ‘golden visas’ were issued under the programme.
In December alone, 87 million euros came into the country, up 83.8 percent from the November total of €47 million and up 47 percent from December 2015.
Of the 2016 total, the vast majority was in the form of property purchases, the threshold for which is €500,000.
In December, 141 residence permits were issued, 131 of them for property purchases and 10 for capital transfers.
Of the property purchases, four were for urban renovation projects - which have a lower threshold of €250,000 - bringing the 2016 total to nine.
The first such permit was issued in July and the other four in October, after new rules came into effect in September 2015 offering special deals for urban rehabilitation and investment in science.
In cumulative terms, since the ‘golden visa’ scheme was launched on 8 October 2012, total investment to December is 2.567 billion euros, of which 2.316 billion euros is for property purchases and 251 million euros for capital transfers.
China is by far the country with the most citizens to have secured permits under the scheme, with 3,050 so far, followed by Brazil with 247, Russia with 148, South Africa with 137 and Lebanon with 72.
Since 2013, a further 6,637 residence permits have been issued to family members of golden visa holders: 576 in 2013, then 2,395 in 2014, then 1,322 in 2015 and now 2,344 in 2016.
In 2015, investment under the golden visa scheme slumped to about half the level of 2014, after a criminal investigation into suspected fraud in its administration prompted a crackdown and the programme’s suspension for several months."

Simonians
  1/24/2017 08:48 EST

My husband and I just returned from Portugal and while we were in Lisbon we spoke with a local realtor who said that prices in Lisbon and in Portugal in general were going up because a lot of Europeans are starting to buy homes in Portugal.

In the Algarve, Lagos, it was a little different there were so many condos on the market, It is a buyers market at this time. The listed price is very negotiable.

portolaw
  2/1/2017 07:46 EST

I'm sorry to intrude in your conversation, but since I'm a lawyer (Oporto based) and having already dealt with ARI requests (Golden Visa), I must tell you that there's no news about a possible expiry date to the program. Plus, had you already requested your visa when such "expiry" comes, then should you fill all requested items, they would have to grant you the visa anyway.
Regarding the price bubble in real estate, the only thing I must tell you is that you should look thoroughly before you buy, nothing else.
Best regards to all (and Lagos is a beautiful town, it happens that I own a flat there!).
Joaquim Ferreira Pires, Attorney

DGonçalo21
  10/10/2017 11:12 EST

Hi,

I don't think that I can add much more to what was already discussed, about the conditions to get european citizenship by investment.

But I heard about this portuguese firm that won the award for best golden visa service provider, check them out:

https://ptgoldenvisa.com/

Hope this helps, and you manage to get your investor visa. Portugal is a great place to live, and we're one of the best european destinations to go! I'm sure you'll love it here.

Best of lucks!

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